|The chairman of Sweden’s Boss Media, Meg Tiveus, has announced that the firm’s board of directors has unanimously recommended a revised offer for the online gambling turnkey provider from GEMed.|
The latest offer has been increased by 32 percent to value the Vaxjo-based firm at $218.81 million after directors turned down a previous bid as undervaluing the company amid rumours that other bids were being considered.
The revised offer represents a bid premium of 72 percent compared to the average $2.29 closing price of Boss shares on the OMX Nordic Exchange in Stockholm for the ten days prior to the announcement being made or 87 percent on a cash and debt-free basis.
GEMed is jointly owned by America’s GTech and Stockholm-based Medstroms, who between them already have a 28.6 percent stake in Boss.
'A combination between Boss Media and GTech is industrially sound,” said Tiveus.
“We think the prerequisites for GTech and Boss Media to create a competitive supplier alternative in an expansive industry are favourable. The revised cash offer presented by GEMed, as a consequence of the process conducted, means that Boss Media's shareholders receive a substantially higher price for their shares compared to the share price prior to the initiation of the process.'
'We are pleased that our revised competitive offer has received the unanimous endorsement of the board of Boss Media,” said Jaymin Patel, Chief Executive Officer for GTech.
“We now look forward to be working together with Boss Media in the acceleration of its international growth strategy.'